https://www.taxtmi.com/caselaws?id=432874 Section 54F exemption was denied where the assessee invested in the new asset beyond the prescribed three-year period from the transfer of the original asset. The Tribunal applied the proviso to section 54F(4), holding that unutilized amounts in the Capital Gains Account Scheme must be applied within the statutory time limit, failing which they become chargeable under section 45 on expiry of that period. It also held that exemption provisions must be construed strictly and the time limit cannot be extended on equitable grounds. The assessee's plea of delay due to circumstances beyond control failed for want of supporting evidence, and the disallowance was upheld. en-us Thu, 12 Jan 2023 00:00:00 +0530 Mon, 16 Jan 2023 08:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432874 Section 54F exemption was denied where the assessee invested in the new asset beyond the prescribed three-year period from the transfer of the original asset. The Tribunal applied the proviso to section 54F(4), holding that unutilized amounts in the Capital Gains Account Scheme must be applied within the statutory time limit, failing which they become chargeable under section 45 on expiry of that period. It also held that exemption provisions must be construed strictly and the time limit cannot be extended on equitable grounds. The assessee's plea of delay due to circumstances beyond control failed for want of supporting evidence, and the disallowance was upheld. Case-Laws Income Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432874